On Semi price target raised to $65 from $60 at Wells Fargo

Wells Fargo raised the firm’s price target on On Semi (ON) to $65 from $60 and keeps an Overweight rating on the shares. The firm views Q2 as a tough setup given recent stock outperformance and positive intra-quarter demand comments. Discussions leave Wells to consider HF positioning as leaning short as most expect slight upside to the Street’s Q3 +3% quarter-over-quarter revenue estimate.